Welcome to the Energy Save Q4 2025 presentation. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answer session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now, I will hand the conference over to the speaker, CEO Fredrik Sävenstrand and CFO Helena Wachtmeister. Please go ahead.
Thank you very much. Welcome to this year-end report presentation by Energy Save covering the period of 1st of January to 31st of December 2025, specifically, of course, the Q4 . We are seeing some positive results in the Q4 and a strong closing also in line with the previous communications. Net revenue in the quarter increased by 33% to SEK 70.3 million from a comparison, SEK 53 million in the Q4 last year. It also increased by 52% compared to the previous Q3 . This increase derives mainly from OEM sales that increased by 41% to SEK 51.8 million compared to SEK 36.7 million in the comparison quarter, and but also from an increase in ES brand sales.
This increased by 14% to SEK 18.6 million, compared to SEK 16.3 million in the ending quarter of last year. Operating expenses, we continue to see a decrease here, a decrease in the quarter by 28%. This is due to the savings package that we initiated in the end of 2024 and continues to give effect. This, combined with the increased sales levels, has led us to a positive result in the quarter and an EBIT of SEK 1.2 million.
Mm-hmm. So to sum up the quarter, it was a rather strong quarter with a high turnover. But however, it was in line with our expectations, and this was due to a mix of what Helena mentioned, the OEM sales coming in as expected, what we communicated in the last quarter, but also due to the fact that we started to supply residential propane products to new distributors under the ES brand in the quarter. But also we increased the activity level promoting the stock R32 units. So it was a mix of things where, of course, the OEM business was the most significant part contributing to the high turnover. After the end of the quarter, the board of directors has appointed Yibo Zhao as the new CEO of the company.
At the same time, the major shareholders of the company has decided to appoint me as Working Chair. This will be effective, or it's a proposition, but it will be effective from the next annual general meeting in April 29. The purpose of this change in management structure is to be more clear in our roles, more effective leadership, where I can focus on strategic partnership, especially to build the OEM business, but also financing-related issues and ownership issues. Yibo is now the Deputy CEO. He was before the Chief Operating Officer. He has shown to be a very capable leader, effective and dedicated in his leadership. He's well-prepared, and he will do an excellent job in his new position. So this will make us more effective in total.
Absolutely. Okay, so looking a bit more closely into the revenue of the quarter, we have seen an increase, as I said on the previous slide, 33% increase from the comparison quarter last year. We have also seen, we're seeing also an increase in operating income that has increased by 13%, reaching SEK 71.4 million in the quarter, compared to SEK 63 million in the comparison quarter. This is the strongest quarter of the year and the second strongest quarter in the last 8 quarters, looking back, so strong finish to the year.
We are also—we can mention, and we have mentioned in the report now that we do expect a similar seasonality that we have seen during 2025, and we do expect a similar seasonality in next year, 2026... in the current year. And in 2026, we do expect a weaker—to be more specific then—a weaker start to the year, first two quarters, and then picking up speed at the end of the year, moving all in all through the full year towards a break-even EBITDA during the year of 2026. A very large contributor to the result this quarter is the savings package that we have initiated and has been given effect throughout 2025.
Other external costs, we are seeing a decrease here, by 40% compared to the comparison quarter last year. That is affected also by the fact that, in the end of 2024, we had very large, we had large investments in product development in the Q4 , which makes, which increased the number a bit. So SEK 16 million was a larger number than the rest of 2024. Even if you adjust for this, the decrease in other external costs would be about 15%-20% less. Still, would still give effect, but not as much as 40% then.
It's very good to see also that we are now seeing a decrease on the personnel expenses side, also due to the savings package, 10% decrease in the Q4 here to SEK 9.5 million. And this, of course, has resulted in the positive margin that we are seeing and the positive result that we are seeing in this quarter, SEK 1.2 million and EBIT margin of 1.6%, compared to -7.8% in the comparison quarter of last year. We are also seeing an increase throughout the year. This is a trend we have seen throughout 2025, a better gross margin on our net revenue, reaching 31% in the Q4 , compared to 25% in the last quarter of 2024.
and that's quite an achievement, to mention also the currency fluctuation between SEK and-
Yeah, absolutely.
Dollar.
Absolutely. The Swedish strong currency is affecting companies like us in the way that it will decrease revenue. And we have still achieved both positive growth, an increase in gross margin and a positive result in this period. Yes, correct. Okay, so looking into business area splits here, we are seeing the same trend as we have throughout last two years, at the very least. Increase on the residential property, which is our main segment for now. 95% of our net revenue comes from residential property sales. Thirty-nine percent increase to SEK 66.7 million in the Q4 , compared to SEK 47.9 million in the comparison quarter.
We are seeing, even though commercial property is a small part of sales now, 4%, and also we are seeing a decrease here by 29%, to SEK 3.1 million, compared to SEK 4.4 million in the last-
Yeah, yeah. And this, however, as you may have seen, we have just recently been launching our new propane platform for commercial segment. Here, we didn't have the R32. That was a midstep going into natural refrigerants. We stayed with the R410 technology, and of course, this has impacted heavily on the development of the commercial segment. Now we're shifting into the propane technology refrigerant, and we expect this figure to change quite dramatically during the coming year-
Uh.
-because large propane units is what the European market is looking for at the moment.
Mm.
This is about to change.
Yeah, yeah. And you may have seen the press release we issued earlier this week, mentioning the effects from our newly launched 40 kW propane heat pump, where we are seeing some order increase from distributors.
Yes, some immediate response to that activity.
Mm-hmm. Mm-hmm.
Uh, yeah.
Okay. OEM sales, as we said before, an increase of 41% in the quarter, reaching SEK 51.8 million, from SEK 36.7 million in the comparison quarter of last year. This is also an increase, I can mention by 86% from the previous quarter, so a large the highest sales number for OEM sales for this year. Also, we, as we also mentioned, seeing an increase here on ES sales, by 14%, reaching SEK 18.6 million, compared to SEK 16.3 million in the comparison quarter.
Mm-hmm.
If you look at the immediate, closest quarter, you know, Q3 of this year, you can see that there is a very small increase from 18.5 to 18.6. If you count into this the fact that we had in the Q3 a sale by SEK 3.5 million of F-gas quota that was calculated in that number, you realize that the increase is larger, actually.
Yeah, because the F-gas quota was a one-time deal, basically.
Yeah, yeah.
affecting the turnover in that quarter.
Yeah.
Yeah.
Yes, so mentioning that. The geographical split of sales is very even across segments. Same as in the same way as last year, we are seeing that Europe outside of Scandinavia still makes up for 90% of our sales. Same split as last year's comparison quarter. And we see an increase in both the Scandinavian market and the European market by 33%. So yeah. Okay, and also as an effect then, and as since it's the commercial segments that are growing, we see the same increase in proportion of number of sold heat pumps-
No, not, not the commercial. It's the residential, sorry. Just,
Oh, sorry, I thought-
No, no.
Yeah, yeah, completely right. It's the residential segment increasing and, yeah. So we are reaching approximately 1,900 heat pumps in this quarter, compared to last year's 1,337. So yeah, same proportional increase, increase here. So looking into the balance sheet here, we can see that the fixed assets during the year of 2025 has increased by approximately SEK 10 million. Largest part of this SEK 7.2 million is increasing intangible assets due to product developments that has been made during this year. We are also seeing a decrease here in inventories, where we actually have two parallel movements.
Not parallel, but opposite movements, where we have, during the year, had to fill stock with new propane units, as well as simultaneously selling off stock of R32 units, among other things. So the net sum of these two movements, 15% decline in inventories during this quarter, leaving us at SEK 84.3 million at the end of 2025. Most interesting to mention here, I think, is the high number in receivables that we have at the end of the year. This is affecting our cash and bank balances and also affecting cash flow. We have had a high number of accounts receivable at the end of the year.
This has since been adjusted, so payments have been made since end of the quarter, but this is what is affecting cash flow in the quarter most. Combined with-
This is, this is in general, when we look at the receivables in the company, it's never exposed to any customer, potential customer losses because we do not work with—we do not operate with the credits.
Mm-hmm. Yeah.
So it's rather a situation where the delivery-
Mm-hmm
... it is in the shipment process.
Yeah, yeah, yeah, there is no-
Basically-
Yeah, absolutely.
The boat has left the harbor.
Yeah, yeah
until it arrives.
Exactly. There is no risk in that, higher, temporary higher figure. It's just that cash was tied up in receivables-
Mm-hmm
at that point.
Mm-hmm.
Combined with the-
Mm-hmm
... loan payment of SEK 7 million in the quarter makes up for the operative cash flow of minus SEK 11.1 million during the quarter, compared to positive SEK 4.7 million in the comparison quarter of last year.
Moving forward, first, I would like to highlight some achievement and important milestones that we have reached in the period. We have extended our distribution network.
Yeah, we have. We have, during this year, in 2024, also during 2025, added Switzerland, Spain, and Portugal, and also strengthened our distributors in Chile, making it a nice start to approaching the South American markets.
Yeah, and we have maintained and further developed the Aira co-collaboration in a successful way during this period. We have done a very successful product development. The team, the company employees, has done a fantastic job. Today, we have two product platforms, one for commercial units, one for residential units, propane-based, which is what the European market wants on a new control platform. Totally new tech stack, both software and hardware, where we're able to control the units and create the value in a way we, we haven't been close to before. And this is extremely important for the future, both for the ES business, but also for the OEM business. So, a big achievement during the year.
We are addressing and reducing the geopolitical risk by building up dual sourcing ability in Turkey, and we're making good progress in that, setting up the factory. We have invested in a nearby building to speed up even more because we're receiving interest from different parts of the world to move production from China to Turkey. So this has been a strategic, strong move from us, reducing risk in the future significantly for us. And we are currently, also including me, moving into more partnership-focused scope of my work. I will be working full-time, and I will focus on partnership and OEM management. We're strengthening this.
We're creating a very strong team, starting to position ES Group as a ability or, rather enabler for other brands to succeed with heat pumps in the market. So, that is a milestone, and these are the achievements, I would say, in summary. We have a quite positive outlook for 2026. As Helena described, we will have a seasonal downturn, just like we had last year in the first half. However, we have a very strong sales pipeline, especially related to OEM business for the second half of the year and especially the Q4 . We see positive trends in the political focus of EU.
Mm, yeah.
Uh-
The electrification acts, for instance, here, the Electrification Action Plan that will be communicated by the Commission during the beginning of this year. We are looking forward to that quite a lot. Also, since it contains heating and cooling specific plan, which is a shift really in the Commission's work so far.
It is, because before it was the heat pump action plan.
Yeah, yeah.
The heat pump action plan was scrapped.
Mm.
Now it's rather about-
Mm
... electrification-
Mm
-and resilience, because, we're still buying natural gas. I think 13.5%-
Mm
-comes from Russia. This is now decided to stop-
Mm
-at mid-2027. However, we have moved into another dependency where, like, 75% is being imported from U.S.
Mm.
So we move from one dependency to another dependency. I think really the EU will-
Mm
address this topic because it's
Mm
It's a matter of,
Yeah
-resilience.
Yeah, yeah.
As, as that.
Mm.
And, well, you said it before, Helena, the aim and what we see is that we are moving towards break even in 2026 for the full year.
Mm. Yeah.
Yeah.
Exactly, yeah. So-
Did I miss anything?
Don't think so, no.
Okay.
Thank you, guys, very much. We are done with our presentation, and we are now moving into taking your questions.
If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Lara Mohtadi from ABG Sundal Collier. Please go ahead.
Hi, Fredrik and Helena. Just a couple of questions from my end. You've said that Q3 and especially Q4 2026 are expected to strengthen, and maybe that you should more move towards break even, even in for the full year 2026. What would you say the main drivers? Is it mostly volume? Is it price? Is it mix? And what would actually need to go right for this to happen?
I would say we're quite on track. We have contracted volumes, which makes us quite solid in the forecast. However, to fully meet that ambition to go towards break even, we need really to continue the launching activity of the p ropane units, both the residential and the commercial, in a successful way. But I feel really that we are on track with both product segments, residential and commercial. We can't see it in the figures at the moment because, you know, in the Q4 , it was the launching of the residential propane units, basically, where we started to deliver. You can't see anything of the commercial side in the Q4.
But look, we need to have the expected progress within this new product—not product segments. What to say? Product platforms-
Mm
during 2026, but we feel quite confident about that, actually.
Okay. Uh,
Not so much risk. Sorry, Lara. Basically, on the OEM side, it's rather about the contracts that we have that we lean on.
Mm.
So on that side, we feel quite secure.
Yes. Thank you.
Mm
... well, obviously, you had a recovery of volumes and, after some temporary, inventory build-up in, Q2 and, the beginning of Q3. Would you say that the volume recovery was mostly some catch-up from these, this inventory build-up, or was there also some underlying growth?
Helena, sorry.
You mean? No, I would say it, but it's both, because you mean the ES brand sales increase, yes?
Yes.
Yeah. Yeah, so in this quarter, I would say the main driver actually was the R32 units that we have been keeping on stock. But we are seeing an increase in the propane units, and this is the increase that we expect to see throughout next year. So we don't really expect a decrease from that we have sold out stock or anything like that. We do expect the propane sales to meet the R32 unit sales as the market shifts into propane. So what do you say?
Okay, very clear.
Mm. Very clear.
Yeah. So far with the propane units, with the residential ones, what we can see in the figures now in Q4 is basically the effects of pilot projects around that the customers or distributors are doing to get confidence in the product, and also starting volumes with friendly installations, and they just got started by to selling more broader in the market.
Yes. Mm.
Okay, thank you. And, well, you mentioned that your operating costs have decreased due to your cost initiatives. Would you say that there is further room for cost optimization, or is maybe the current cost base now fully right-sized, so to say, or to support the expected growth? So what can we expect during the year?
... well, now we expect that this package that we have initiated will continue to keep us on this level. So, no further adjustments are planned anyways.
Okay, thank you. And, well, if we just talk a little bit about the geographical split, the Polish market concentration is still quite high. And-
Mm
—which, what specific growth targets do you have for the new distribution agreements in, for instance, Chile, Spain, Portugal, for 2026 to grow these geographies?
We do not have any specific figures to communicate about the targets, but we expect the... I mean, the p ropane product offer is aiming at the markets of Europe, where we have not been present before. During the peak growth in 2022, 2023, we were weighted towards Eastern Europe. Eastern Europe is still price-sensitive. They are buying stock units, R32. It's the new markets that are growing, actually, and driving the growth of the European market. They are focused on propane units. So of course, we're expecting a strong growth in the markets that you referred to.
All of the key markets where we're now present, where we were not present in 2022, this is Italy, this is Germany, this is Belgium, this is Switzerland, to mention the Benelux countries. It's also Spain. It wasn't the focus market from the beginning, but as Spain has started to move really well, in general, with, I think, the Spanish market on heat pump side grew by 8% in last year. This is also an important market where we have-
Absolutely, yeah
a very good distributor
Yeah
present in both Spain and Portugal, which is Sedical. So,
Also looking into what markets are most dependent on fossil fuels from the U.S. and such, those are the same markets.
Yes. Yes. So of course, we expect the growth on the propane side to come from these markets, for sure. But no specific figure to comment on.
Okay. Very clear. Also you mentioned the first production line in Turkey, and that's in place, and, well, staff is training in progress. When do you expect the first commercial units to roll off this line, and what are the actual projected impact on your gross margins compared to maybe your current outsourced production in China?
We believe that by mixing the—we will not move all of our production into this factory at once. We expect it to be a mix, but by mixing different supply chains, we are quite confident that it will reduce our total cost also on delivery side.
Mm
... reducing lots of costs on the delivery cost. We expect it to be... It's already the production line. The first production line is already in place. The staff is currently being trained. So, the first production for a paying customer, we expect to come in quite near time, actually. And this is opening, of course, new possibilities for us to supply from this factory to new customers. However, the revenue will go, not, I mean, we own a part of this factory. We do not own the whole factory, so it will not impact-
Mm
on our turnover, unless it's our IP that is being produced in the factory, of course, then it will affect our turnover and the profitability in a positive way.
Mm-hmm. Yeah. So really the main thing that we take from this opportunity to have production in Turkey is, of course, securing volumes for the future, so-
Securing volumes, reducing risk of trade, taxation-
Yeah
that may come, reduce cost
Yeah. Yeah, yeah.
... Reduce delivery time, et cetera.
Mm. Absolutely.
I don't know if that was clear enough.
Very, very clear. Thank you very, very much.
Okay.
Just a last one from my side. Fredrik, you're transitioning to a new role,
Mm-hmm
... specifically focusing on the strategic OEM partnerships.
Mm.
Could you maybe just elaborate a little bit more on your role, on how you're gonna work on maybe deepening existing relationships with OEMs or the current OEM client base? Just elaborate a little bit on this.
Sure, sure, sure. I will focus on the OEM side. I will focus on positioning ES Group as an enabler for other brands, because we have really a lot of uniqueness here. Being able to, to, to provide premium products to other actors that are—wants to add heat pump to the offer, and we can see quite a bit of them. Companies that are, ha—has historically been working with PV panels and batteries, for example, they need to add heat pump to the assortment. Many of those companies are fast-growing companies. They want to build their own brand, and we can really be a unique enabler in the European market. This is not the common strategy. We add lots of uniqueness in this concept.
We have shown with the, through the, Aira cooperation, what we're capable of doing, bringing a totally new brand to the market in less than, I don't know what it was, 13 months. Scaling with fantastic track record on the quality of the products, the way the product is designed to maximize value for companies that are aiming at orchestrating heat pump together with batteries and PV panels, using a home energy management system in top. Our tech stack, our software is tailored to meet this kind of value ambition. So I will really focus on building that type of partnership, partnerships, all types of industrial partnerships. I may look at other potential things as well on the ownership side.
What potential possibilities are there to set up joint efforts together with partners, for example, and also the acquisition side, I may spend some time on. That is mainly to shift my focus fully into this. That's the ambition.
Okay, and-
Also, sorry, I forgot one thing, that I will also work intensely with supporting the commercial product offer-
Mm.
toward the European market. As you could see in the figures, it has been kind of, how to say, low intensity in that work.
Yeah.
That's because we have awaited to have a compatible or, what hit the, конкурентоспособность? [Foreign language]
Uh, inter-compatible.
Anyway, propane unit, in order to put more focus into building strong partnership on the commercial side. The commercial market is more predictable and more less volatile than the residential market, I would say. Now is the time to really build new types of partnerships. Also based on system integration and utilizing the heat pump as a flexible resource to create value in total concepts. And this will be valid both on residential side, but also on the commercial side. So I will focus on that part as well.
Yes.
Yes.
Okay. Sounds very promising. Okay, thank you for that. That was all my questions. Thank you very much.
Thank you.
Thank you very much.
There are no more questions at this time, so I hand the conference back to the speakers for any written questions and closing comments.
Okay, thank you very much then, Lara. We will proceed with some written comments then, that we have received here. First question we have received is about the commercial heat pumps. The question is about if there will be new commercial heat pumps or R290 that will be launched in 2026. And we have launched the 40 kW unit during last year and presented it, started selling in the beginning, and that is the 40 kW. So I guess the question-
The 40-kilowatt, and as we have the controller, the NordFlex controller that we're using to orchestrate, to build multi heat pump-
Mm
systems to reach higher capacities, we can currently modulate with up to 1640 kW units in one system. So it's a little bit exceeding 600 kW.
Mm, mm.
So the 40-kilowatt is a key-
Mm
-to really start pushing our offer into the European market. But we are, of course, not; we're, we're not aiming at just having the 40-kilowatt, but I don't dare to-
Mm
to give a prognosis.
Mm
of when other models will be available in the market.
No, but given the interest that we are seeing, it's, we're seeing a very positive interest on these products that we have issued now. So that's a very good indicator for the market, for European market, for commercial heat pumps to increase. So very exciting area, commercial heat.
And I'm expecting this, this.
Mm
segment or this assortment to kind of meet the previous requirements we had, and then we were working with up to 90 kW units.
Mm
in order to be able to also work with the fifth generation district heating systems, where you may need... or microgrids. Then we need slightly bigger units-
Mm
to be competitive. I would say maybe up to, as we had before, 90 kW-
Right
-units.
Mm.
Then we can reach 1.4 MW-
Mm
in one system.
Mm. Yeah.
But, 600 kilowatt is a good start, and that's also where we have the main business, I would say.
Yeah. Yes. Okay, next question. I'm sorry. Will Energy Save be able to offer a tool to lower electricity costs by controlling heat pumps against tariffs? So maybe you answered this a bit in what you said about the OEM segment, but would you like to say something?
I kind of, yeah, it was... I was close to it.
Yes. Mm.
Sure. We do not, because... How was the question once again? It to, to tariffs?
Yeah, yeah, controlling lower electricity costs by controlling the heat pumps against the tariffs.
It's, yeah, and it's not the heat pump system.
Mm
that is controlling the tariff side. It's normally a home energy management system or an energy management system on the
Mm
... commercial side. Rather HEMS or EMS. We do not aim at owning that upper control system. Rather, the heat pump should be optimized to be controlled by all these different types of home energy management systems that are now-
Mm
-flooding the market in Europe. We should be able to provide the heat pumps that can be easily controlled by such a system in a very flexible way to generate as much revenue and saving as possible for the customer. This is where we want to be unique, not to own everything. You can see, like Aira, for example, they move with a kind of walled garden strategy, where they want to own everything, like Tesla or like, I don't know, similar companies. This is not the way for us to go. Rather, stay to where we're strong.
If you are to make or own the home energy management system, you also need to control the other parts of the system that you need: PV panels, batteries, EV chargers, and we do not want to move in that direction. Rather, be the best heat pump supplier in the market if you want to add value to a home energy management system-
Mm
or energy management system on the commercial side. And just to mention, above this home energy management system, you also have, like, balance service providers working with flexibility, et cetera. And that kind of, if you move all the way up to that point in the ecosystem or in the layers of software, these are unique for every market. So, it's not for us to aim at. Rather, to have really strong partnerships and ability to integrate towards these systems in a superior way compared to other European manufacturers, and I believe we are at that stage.
Yeah. Thank you.
The Aira business is proving that, I would say as well.
Yet another question about Turkey: When will the factory be in full production? And I think you did also mention a bit about this, that the training now takes place in.
In a-
one separate part of the building.
... In a smaller building.
Yeah.
In a smaller building that will later be the-
Mm
... the showroom and
Mm
office space, basically.
Mm
for customers when they come.
Mm.
The main building, yet is like, I would say during 2027.
Mm.
However, one set up production line is cost-efficient way to get started, and then we can gradually move into the larger factory-
Mm
and build more and more production lines as the volumes increase.
Mm.
It will be, over time, a progress in that way.
Yeah.
Was that the answer, or?
Yeah, I hope so.
Close enough.
I hope so.
Close enough.
Otherwise, questioner, please get in contact. But I think that was a full answer to that. A few questions about Aira. How Aira, there's been a lot of talk about Aira lately. Is that, is their situation something that troubles you? And also, I can combine that with the question of, how do you view the collaboration moving forward?
I mentioned it as a milestone and an achievement during the year. We have really developed the Aira cooperation in a strong way. I would say we're both very happy with the cooperation. The feedback from the market has been fantastic. The quality of the product, according to the feedback we receive, et cetera, is very good. It has been extremely valuable for us because it was the first design on our new tech platform, and now we have been able to launch our ES Energy Save, our own brand, on the same platform.
Mm.
This, if it bothers us? No, not really, not... It's difficult to comment on because, as far as I see it, we see no, no, no signs of this rumor that was kind of presented or written about in the press.
Mm.
It's very difficult to comment. I mean, it's a fast-growing company. I mean, when we signed the contract with them, they were, like, 20 people in the company. One year later, they were 1,200. Of course, they constantly out there working with the capital market, that, that, that would be strange if they were not. So to me, it's not, I'm not worried in that way. And it's difficult to comment on rumor.
Mm.
And if it bothers us? Not really, not in the ongoing business. Just that we need to answer questions.
Mm. Yeah, sure.
That's the only thing.
Yeah. I'm gonna also pick up a final question regarding Aira, regarding the volumes that was communicated. If ES will reach the forecasted volumes of 200-400 million SEK in turnover, I would say that, yes, we will. Otherwise, we would need to communicate something different, and we do not. So we still and have all along here seen that we will hit within the, within the-
Upper range-
Upper range
... of the communicated volumes.
Yeah.
Yes.
Exactly.
Yes.
Exactly.
Mm-hmm.
Okay, next question. What would you say are the most important activities in the current quarter to secure and to continue increase in sales and efficiency?
Full speed ahead with the launching of the new propane offer through new distributors in new markets that we know are growing, both with the residential, pushing the residential units-
Mm
... propane, but also the commercial units. Maintain a high activity level also on the markets that are continuing to buy the R32 units. That's the second thing. Third thing is that we will exhibit at one of the largest European fair, where we historically have gained quite a few distributors and new partnerships in MCE, in Milan, in March, and that's also where we actively will start to promote ES Group as an enabler, an OEM enabler, for other brands. So that's where we will put high focus-
Mm
... Q1 .
Yeah. During this current Q1 .
Yeah.
Great! That was all the questions that I have here, and that's perhaps a good note to end on. So unless you would like to add something, Fredrik, I would like to thank,
I'm satisfied.
Great. I would like to thank the viewers very much, and next presentation will be in May for the first quarterly report of 2026. Thank you very much.
Thank you.